- Revenues were
$9.0 million in the second quarter of 2015 compared to$10.6 million in the 2014 second quarter. For the first six months of 2015, revenues were$19.8 million compared to$20.9 million in the prior year period. - Gross margin for the 2015 second quarter was 46.7% compared to 50.0% in the second quarter of the prior year.
- In the 2015 second quarter, the operating loss was
$0.7 million compared to operating income of$0.4 million in the 2014 second quarter. - Net loss for the second quarter of 2015 was
$0.7 million , or$0.07 loss per share, compared to net income of$0.3 million , or$0.03 per diluted share, in the prior year period. Net loss for the first six months of 2015 was$0.4 million , or$0.04 loss per share, compared to net income of$0.8 million , or$0.07 per diluted share, in the first six months of 2014. - Guidance: For the 2015 third quarter, the Company anticipates revenue of
$9.7 million to $10.0 million , gross margin is anticipated to come in between 47% and 49%, and operating expenses are expected to be$4.9 million to $5.1 million .
President and CEO
"The launch of our Cyclo G6™ Glaucoma laser platform is going very well. The early results of patients undergoing the MicroPulse® P3 procedure continue to be impressive and a number of the early sites are already reordering the single use probes indicating good procedural volumes, and we have even seen a couple of the early sites order additional lasers," continued Moore. "We believe the Cyclo G6 will provide a revenue growth catalyst for 2016 and beyond."
Share Repurchase Program
As of
Conference Call
About
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning its anticipated revenues, the impact of future changes in currency exchange rates, future demand and order levels for the Company's products, the timing and outcome of any steps that the Company may take to address supply chain issues, the adoption and effect of Company products, including the Cyclo G6™ Glaucoma laser platform, on our results, the markets in which the Company operates, trends in treatment and product adoption and usage, product plans and future product releases, the Company's guidance concerning fiscal 2015 third quarter results, including anticipated ranges of revenue, gross margin, operating expenses and gross margin rates, the Company's share repurchase program, and the Company's strategic plans and objectives. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended
TABLES FOLLOW
IRIDEX Corporation |
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(In thousands, except per share data) |
||||||||
(unaudited) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||
July 4, |
June 28, |
July 4, |
June 28, |
|||||
2015 |
2014 |
2015 |
2014 |
|||||
Total revenues |
$ 9,033 |
$ 10,589 |
$ 19,829 |
$ 20,918 |
||||
Cost of revenues |
4,816 |
5,289 |
10,202 |
10,563 |
||||
Gross profit |
4,217 |
5,300 |
9,627 |
10,355 |
||||
Operating expenses: |
||||||||
Research and development |
1,482 |
1,306 |
2,763 |
2,500 |
||||
Sales and marketing |
2,158 |
2,056 |
4,229 |
3,804 |
||||
General and administrative |
1,324 |
1,538 |
2,979 |
3,054 |
||||
Total operating expenses |
4,964 |
4,900 |
9,971 |
9,358 |
||||
(Loss) income from operations |
(747) |
400 |
(344) |
997 |
||||
Other expense, net |
23 |
91 |
30 |
188 |
||||
(Loss) income from operations before (benefit from) provision for income taxes |
(770) |
309 |
(374) |
809 |
||||
(Benefit from) provision for income taxes |
(118) |
12 |
32 |
25 |
||||
Net (loss) income |
$ (652) |
$ 297 |
$ (406) |
$ 784 |
||||
Net (loss) income per share: |
||||||||
Basic |
$ (0.07) |
$ 0.03 |
$ (0.04) |
$ 0.08 |
||||
Diluted |
$ (0.07) |
$ 0.03 |
$ (0.04) |
$ 0.07 |
||||
Weighted average shares used in computing net (loss) income per share: |
||||||||
Basic |
10,027 |
9,922 |
9,948 |
9,943 |
||||
Diluted |
10,027 |
10,411 |
9,948 |
10,469 |
IRIDEX Corporation |
|||
Condensed Consolidated Balance Sheets |
|||
(In thousands) |
|||
(unaudited) |
|||
July 4, |
January 3, |
||
2015 |
2015 |
||
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 12,203 |
$ 13,303 |
|
Accounts receivable, net |
7,319 |
8,337 |
|
Inventories |
10,171 |
9,119 |
|
Prepaid expenses and other current assets |
615 |
510 |
|
Deferred income taxes - current |
1,625 |
1,625 |
|
Total current assets |
31,933 |
32,894 |
|
Property and equipment, net |
1,079 |
735 |
|
Intangible assets, net |
276 |
284 |
|
Goodwill |
533 |
533 |
|
Deferred income taxes - long term |
7,151 |
7,151 |
|
Other long-term assets |
195 |
221 |
|
Total assets |
$ 41,167 |
$ 41,818 |
|
Liabilities and Stockholders' Equity |
|||
Current liabilities: |
|||
Accounts payable |
$ 2,060 |
$ 1,758 |
|
Accrued compensation |
1,470 |
1,863 |
|
Accrued expenses |
1,806 |
1,770 |
|
Accrued warranty |
520 |
469 |
|
Deferred revenue |
1,199 |
1,179 |
|
Total current liabilities |
7,055 |
7,039 |
|
Long-term liabilities: |
|||
Other long-term liabilities |
881 |
1,043 |
|
Total liabilities |
7,936 |
8,082 |
|
Stockholders' equity: |
|||
Common stock |
110 |
108 |
|
Additional paid-in capital |
38,410 |
38,511 |
|
Accumulated deficit |
(5,289) |
(4,883) |
|
Total stockholders' equity |
33,231 |
33,736 |
|
Total liabilities and stockholders' equity |
$ 41,167 |
$ 41,818 |
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SOURCE
Company Contact: Jim Mackaness, Chief Financial Officer & Chief Operating Officer, 650-940-4700; Investor Relations Contact: Matt Clawson, Pure Communications, 949-370-8500, matt@purecommunicationsinc.com